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The Hertz Corporation
Founded in 1918 by Walter L. Jacobs with a dozen Model T Fords, Hertz grew through a series of ownership changes under General Motors, RCA, and later...
The Hertz Corporation
Founded in 1918 by Walter L. Jacobs with a dozen Model T Fords, Hertz grew through a series of ownership changes under General Motors, RCA, and later Ford, before IPO in 1954. The company filed for Chapter 11 bankruptcy in May 2020 amid the pandemic's collapse in travel demand. Restructured debt allowed Hertz to exit bankruptcy in July 2021 under new equity ownership led by private equity firms Knighthead Capital Management and Certares Management. Stephen Scherr, formerly CFO of Goldman Sachs, became CEO in February 2022. Hertz's strategy centers on fleet management of roughly 500,000 vehicles across models from GM, Ford, Stellantis, and Tesla. The company has made high-profile bets on electric vehicles, ordering 100,000 Teslas in October 2021, 65,000 units from Polestar in April 2022, and 175,000 from GM over five years. These EV commitments target roughly 25% of Hertz's fleet to be electric by the end of 2024, though the company slowed its EV rollout in 2024 citing repair costs and residual value concerns (per The Wall Street Journal, January 2024). Hertz also operates a car-sharing platform, Hertz 24/7, in select cities and runs its Uber rental partnership program. Hertz is a publicly traded company on the Nasdaq under the ticker HTZ, with a market capitalization around $2 billion as of late 2024. The company employs roughly 27,000 people globally, with corporate headquarters in Estero, Florida, and additional major operations in Oklahoma City and Europe via its Hertz Europe division. In July 2023, Hertz announced the appointment of Alexandra Brooks to the role of CFO (per the firm's press release, July 2023). Hertz's structural distinctiveness lies in its post-bankruptcy capital structure: it emerged with a $7 billion debt package and significant equity holder concentration among hedge funds and private equity firms, which gives it an unusually disciplined cost structure for a legacy rental car operator. The firm's EV gambit, while scaled back, remains among the largest corporate electric-vehicle procurement commitments globally.
General information
Firm type
other
Year founded
1918
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Estero
Corporate office
Estero, FL, United States
Principals
Stephen Scherr
CEO
Alexandra Brooks
CFO
Sector focus
Frequently asked questions
Who runs investment decisions at The Hertz Corporation?
Investment decisions at Hertz are led by CEO Stephen Scherr and CFO Alexandra Brooks, both appointed in 2022 and 2023 respectively. Fleet procurement and capital allocation strategy are overseen by the executive leadership team alongside the board of directors, which includes representatives from major equity holders such as Knighthead Capital and Certares.
How does Hertz fund its fleet acquisitions?
Hertz finances its fleet primarily through the corporate vehicle market: it purchases new cars from OEMs like GM, Ford, and Tesla, holds them for 12–18 months on average, and sells them into the used-car market. The company uses a mix of operating cash flow, asset-backed securitizations, and corporate debt to fund these purchases.
Is Hertz structured as a pure rental company or does it operate other adjacent businesses?
Hertz operates primarily as a car rental company under the Hertz, Dollar, and Thrifty brands globally. It also runs Hertz 24/7, a car-sharing service, and an Uber rental partnership program that provides rental cars to rideshare drivers. The company owns HERC Rentals, its equipment rental segment, though HERC was spun off as a separate standalone company in 2016.
What is Hertz's posture on electric vehicle investments?
Hertz made large EV procurement commitments in 2021–2022, ordering 100,000 Teslas and later adding Polestar and GM orders. However, in January 2024, the company announced it was slowing EV purchases, selling roughly 20,000 used EVs from its fleet due to high repair costs and lower resale values compared to gasoline cars.
How did Hertz emerge from its 2020 bankruptcy filing?
Hertz filed for Chapter 11 bankruptcy in May 2020 and exited in July 2021, eliminating roughly $5 billion in debt and raising $7 billion in new financing. New equity owners Knighthead Capital Management and Certares Management took controlling stakes, appointing new management including CEO Stephen Scherr in February 2022.
Which geographies does Hertz primarily operate in?
Hertz operates in over 150 countries through corporate-owned locations and franchisees. Its core markets are North America, particularly the United States and Canada, followed by Europe and select markets in Asia, Latin America, and Australia.
Does Hertz have any known structural advantages over its competitors?
Hertz benefits from its post-bankruptcy cost structure, which is leaner than competitors like Enterprise and Avis. Its large-scale fleet procurement gives it negotiating power with automakers, and its brand recognition remains strong among business travelers and leisure renters.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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